Plain Township trustees on March 21 unanimously approved a resolution that enacts a revenue-sharing agreement with New Albany.

Plain Township trustees on March 21 unanimously approved a resolution that enacts a revenue-sharing agreement with New Albany.

Through the resolution, New Albany will pay Plain Township approximately $300,000 in tax-increment-financing revenue that the city has collected.

"We've reviewed the numbers the city's provided us, and they seem to match our expectations," township administrator Ben Collins said.

Plain Township fiscal officer John Brandt in January found the agreement, which was never enacted. Ordinance 0-20-2006 provides "a compensation agreement to compensate the Plain Township Fire Department for revenue increases paid into the TIF fund. We have reviewed our records and do not have a copy of this agreement or the compensation schedule authorized by the ordinance, nor have we received any payments for these TIFs."

A TIF is an economic development mechanism available to local governments to finance public infrastructure improvements and, in certain circumstances, residential rehabilitation, according to the Ohio Department of Development. A TIF works by locking in the taxable worth of real property at the value it holds at the time the authorizing legislation was approved.

The agreement is associated with 10 TIF districts that were created when new subdivisions were built: Balfour Green, Early Crossing, The Enclave, Hawksmoor, Richmond Square, Saunton, Tidewater I and II, Upper Clarenton and Wentworth Crossing. The TIF districts, to which city officials often refer as a single district, were created to provide revenue and pay back debt incurred in construction of the Jeanne B. McCoy Community Center for the Arts and the development of a Metro Park in northern Plain Township, according to New Albany City Manager Joseph Stefanov.

The McCoy center was built with funding from New Albany, Plain Township and the New Albany-Plain Local School District. The city and township worked together to issue debt so each government would not have to issue debt separately.

The Metro Park, which will be called Rocky Fork Metro Park and is being developed north of Walnut Street and east of Schott Road, is similar in that it is a collaborative project among New Albany, Columbus and Plain Township, all of which have contributed funding or land to the project.